Whales have been reportedly dumping popular meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) amid the massive PEPE hype, leading them to grab the frog-themed meme coin. A top Dogecoin whale moved nearly 2 billion DOGE on Tuesday, leaving the wallet with only 1 DOGE. Large whale activity like this typically precedes significant price movements, potentially signaling that the DOGE price could soon be on the brink of a crash.
On May 9, a whale reportedly dumped 300 million DOGE tokens, worth $21.73 million, to the crypto exchange Binance. On-chain analysis revealed that the Dogecoin whale moved 1.98 billion DOGE, worth $160 million, in a single transaction at 8.50 AM UTC. The whale sent 300 million to Binance and 1.68 billion to a new wallet address, making it the 8th largest wallet holding and accounting for 1.21% of total Dogecoins.
In addition to DOGE, other whales have been dumping Shiba Inu (SHIB) either to buy PEPE or temporarily exit the market. Over the last 24 hours, 2.20 billion DOGE coins have been moved. Shiba Inu whales have also been dumping SHIB for PEPE, with one whale selling 6 million SHIB to purchase 325 billion in mid-April and reportedly making millions from the decision.
DOGE price has fallen over 2% in the last 24 hours, with the price currently trading at $0.073. The 24-hour low and high are $0.070 and $0.075, respectively. Trading volume has increased during this period as whales continue their selloff. DOGE price is trading below key levels, making it more likely to hit the $0.065 support level. Whales may have foreseen this scenario as Shiba Inu and Dogecoin continue their downward trajectory.
It’s important to note that the above content represents the personal opinion of the author and is subject to market conditions. Always conduct thorough market research before investing in cryptocurrencies, and be aware that neither the author nor the publication holds any responsibility for your personal financial loss.
Source: Coingape
